A blog celebrating my journey through womanhood and everything that goes with it.

Tuesday, August 15, 2017

For many people, financial stability is a dream for them. They want to have money when they need it, then want to be able to splash on luxuries for themselves and their family, and they want to be free of debt for the rest of their lives so they can live a comfortable retirement. Sadly, this can seem like a monumental task especially if you’ve made questionable financial decisions in the past. However, resetting your financial situation and sowing new seeds for financial stability is possible—it just takes a lot of work and discipline. To help you get started with a fresh new financial start, we’ve compiled a list of tips.

The more your debt lingers, the more interest you’ll end up paying. This is never a good thing, and it’ll start to eat into your wallet, your paycheck and even your sanity. One of the best ways to clear up your debts quickly is to look at debt consolidation. How this works is you take out a lump sum loan that clears up all of your existing debts. This accomplishes a couple of things. First, it lowers the amount of interest you pay. Because interest is added on top of your monthly repayments, you end up paying less if you’re able to repay your loan early. This is the first major advantage of debt consolidation loans and why it’s an attractive choice.

Secondly, it helps you by lowering the interest rate that you would’ve paid. Debt consolidation loans can be negotiated so that you get a low interest rate, which is great if you’re currently struggling with your financial situation. Lastly, it helps with your stress and mental situation. Paying several companies to cover your debts in addition to interest on top can be daunting, which is why it helps to consolidate all of those payments into a single loan. You can get more help at www.debtconsolidationloans.com if you’re interested in a debt consolidation loan. If you’re serious about starting a new financial life, then you need to clear your debts as soon as possible before they have time to fester and create more problems later in the future.

Spending is a major problem that needs to be tackled before you can sow the seeds to financial stability. The first hurdle to overcome is instant gratification, which is a habit where you completely forget any financial lessons you’ve learned and splash your cash on something meaningless or out of your budget. If you struggle with instant gratification, then this article from http://blog.iqmatrix.com/ will serve as a guide to help you beat your habits. Instant gratification is usually a tactic employed by companies to get you to spend more money. Short-duration deals and sales are typical in the world of business, which is why you need to learn how to avoid these traps in order to save money.

Spending habits can also be changed. For instance, do you really need all of your luxury subscription services? Whether it’s a subscription to several on-demand video services or premium services for your favourite piece of software, ask yourself if they’re really needed in your lifestyle. Take a look at this article from https://www.forbes.com/ that shows six different subscriptions that you can live without. It goes into detail with some common things such as a landline telephone and expensive gym memberships which aren’t needed in most of our lives but simply serve as luxuries. There are cheaper alternatives and there are times when we don’t even use them (as is the case with a landline telephone) so it can save you a lot of money.

Bleeding money with subscription services and microtransactions is a quick road to debt, so make sure you take better control over your finances by learning how to budget and manage your spending. It might help to set up a budget app on your smartphone or to simply be more aware of how much money is coming in and going out. Regardless of how much money you make, you should always be in the positive and have money left over to save for emergency situations and you should never be forced to live from paycheck to paycheck.

There are plenty of ways to learn more about your personal finance options. For instance, you could invest your money once you’re finally out of debt instead of saving it in a bank. Most people use their savings account as a way to save up money, but saving too much money can be a bad thing. As explained in this article by http://www.investopedia.com/, there’s such a thing as saving too much money. It’s usually caused by people who have an obsession with saving money, and there’s nothing worse than reducing your quality of life for no reason. Money can be spent to improve yourself and lives of your family members, so don’t hoard it for no reason when it can be used in a positive way.

You can also make more money with your own business, a part-time job or even through your investments. This will help ensure that you always have money on hand for anything that you need, which is one of the biggest components of financial stability. Once you learn how to use your skills and multiple sources of income to grow your net worth, you’ll find that your money is better spent on investments for the future than simply rotting away in your savings account. Of course, it’s always important to have emergency savings, but the amount you need isn’t as much as you might think. Take control of your personal finance options and make sure your hard-earned cash is going to the right things instead of being wasted or given no purpose.

Hopefully, these tips have given you some insight into how you can reset your financial situation and sow new seeds to financial stability. With the right budgeting mentality and controlled spending, you can discipline yourself to manage your finances with ease.

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About Me

Left the corporate world to pursue a lifelong dream of being a successful writer. I am a daughter, a sister, a wife, a mom and grandmom enjoying everyday with faith and love in my heart as I go on this journey called LIFE.

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I will persist until I succeed.

Nor will I allow yesterday's success to lull me into today's complacency, for this is the great foundation of failure. I will forget the happenings of the day that is gone, whether they were good or bad, and greet the new sun with confidence that this will be the best day of my life.

So long as there is breath in me, that long will I persist. For now I know one of the greatest principles of success; if I persist long enough I will win.